Mumbai: Mahindra Group on Friday said Anand Mahindra will step down as Executive Chairman from April 1, 2020.

“With effect from April 1, 2020, Mahindra will transition to the role of Non-Executive Chairman of the board of Mahindra & Mahindra. This is in accordance with the Sebi guidelines,” the group said in a statement.

Pawan Goenka will be re-designated as Managing Director and Chief Executive from April 1.

As Non-Executive Chairman, Mahindra will serve as a mentor and sounding board for the Managing Director, especially in the areas of strategic planning, risk mitigation and external interface, the statement said.